Asian markets stay edgy on renewed eurozone debt woes

KUALA LUMPUR (Dec 29): External woes, in particular the renewed concerns
over the eurozone debt crisis, weighed heavily on global equity markets
as nervous investors took profit on the penultimate trading day of
2011.

The FBM KLCI fell 5.18 points to 1,498.93 at 10.01am, dragged by losses at key blue chips.

Losers edged gainers by 165 to 158, while 207 counters traded
unchanged. Volume was 277.08 million shares valued at RM131.89 million.

At the regional markets, Japan's Nikkei 225 fell 0.91% to 8,346.68,
Hong Kong's Hang Seng Index lost 1.04% to 18,326.90, the Shanghai
Composite Index was down 0.13% to 2,167.22, Taiwan's Taiex fell 0.45% to
7,024.71, South Korea's Kospi lost 0.72% to 1,812.05 and the Singapore
Straits Times Index shed 0.27% to 2,659.02.

BIMB Securities
Research in a note Dec 29 said investors may yet end 2011 on a jittery
note with Eurozone's problems still very much the starring role, adding
that all eyes would be on Italy's bond auction tomorrow to gauge the
sentiments on the financially strapped country though sale of shorter
term notes had been rather successful.

As a result, performances of major European bourses sank yesterday, it said.

Over on Wall Street, the situation was not much different with the Dow
Jones Industrial Average declining by almost 140 points to 12,151 amid a
low trading volume coupled with some realignment of portfolios, it
said.

It was also a mixed day for Asian markets from the weak opening over in Europe, it said.

BIMB Research said that domestically, the FBM KLCI remained resilient posting a 3 point gain and stayed above the 1,500 level.

'We would expect the 1,500 to be under pressure today following the weak overseas markets.

'Meanwhile, we noticed that news-flow within the oil & gas sector
has been quite apparent over the past weeks and could be a precursor for
more to come,' it said.

On Bursa Malaysia, Nestle and KLK fell
20 sen each to RM56.50 and RM22.38, Southern Acids 15 sen to RM2.15, UMW
13 sen to RM6.82, IOI Corp seven sen to RM5.22, Public Bank, Dutch
L:ady, Genting and AMMB fell six sen each to RM13.06, RM23.16, RM10.90
and RM5.92, whiel Tanjung Offshore shed 4.5 sen to 74 sen.

Utopia was the most actively traded counter with 28 million shares done. The stock was unchanged at 7.5 sen.

Other actives included Sanichi, KNM, JCY, TMS, Flonic and Sumatec.

Gainers included Atis, Boxpak, Integra, DKSH, EKIB, Faber, Maybulk and Perak Corp.